In the current oil year 2022–23, which begins in October, soybean crushing in the nation is anticipated to climb by roughly a fifth to 100 lakh tonnes (lt), compared to 84 lt in the previous season, due to greater availability of the oilseed due to higher output and carryover stockpiles. The Soyabean Oil Processors Association (SOPA), the leading trade organization for the industry, recently presented a demand-supply statement that predicted that the soyabean availability for crushing during the oil year 2022–23 would be 17 percent higher at 147.55 lt (126.77 lt). This includes imports of 2 lt, carryover stock of 25.15 lt, and production of 120.40 lt (118.89 lt) (5.55 lt).
The SOPA has accounted for 13 lt for sowing the same amount as last year, 4 lt (3.5 lt) of direct consumption, and 1 lt of exports (0.62 lt). At 29.55 lt, carryforward stockpiles for the upcoming year are probably higher (25.15 lt). The trade organization increased its estimate of soy meal production to 79.82 lt (67.05 lt). The meal’s exports are anticipated to more than treble to 14 lt (6.44 lt).
According to the SOPA statement, domestic soyameal consumption for food is seen as being flat at 8 lt, while domestic soyameal consumption for feed is seen as being slightly higher at 60 lt (59 lt). As of November 1, soyabean stocks with farmers, merchants, and crushing units were 124.05 lt, up from the same period in 2016. DN Pathak, Executive Director, SOPA (106.46 lt). With 17 lt of arrivals in October (15 lt). 5.19 lt of soy meal were produced in October, amounting to 6.43 lt, while 0.5 lt were exported (0.22 lt).
Market arrivals nationwide reached 10 lakh bags (each weighing 90 kg) on Wednesday, the largest number of the season, according to Tarun Satsangi, AGM of Research at Origo EMandi. With regard to this, 6 lakh bags have arrived in Madhya Pradesh. “There is a solid demand from buyers since crushing is proceeding at a good rate,” he said, adding that the quintal price, which is now between ₹5,300 and ₹6,200, might increase to ₹6,000 to ₹ 6,200.